Landsea Homes Corporation (Nasdaq: LSEA) (“Landsea Homes” or the
“Company”), a publicly traded residential homebuilder, announced
today that its largest stockholder, Landsea Holdings Corporation
(the “Selling Stockholder”), has commenced a secondary offering of
2,434,783 shares of the Company’s common stock (the “Offering”).
The Selling Stockholder will also grant the underwriters a 30-day
option to purchase up to an additional 365,217 shares of common
stock.
B. Riley Securities and BofA Securities are
acting as joint bookrunning managers in the Offering. BTIG and
Wedbush Securities are acting as co-managers in the Offering.
The Company is not offering any shares of its
common stock in the Offering and will not receive any of the
proceeds from the sale of the shares offered by the Selling
Stockholder. The Company also expects certain members of its senior
management team and board of directors, as well as a family member
of our Chairman, will purchase up to an aggregate of $867,000 in
shares of its common stock being offered by the Selling Stockholder
in the Offering, at a price equal to the per share Offering
price.
A shelf registration statement on Form S-3
(including a prospectus) relating to these securities has been
filed with and declared effective by the Securities and Exchange
Commission (the "SEC"). The Offering is being made solely by means
of a prospectus supplement and the accompanying prospectus. Copies
of the prospectus supplement and the accompanying prospectus
relating to the Offering, when available, may be obtained by
contacting B. Riley Securities, Inc., 1300 17th Street North, Suite
1300, Arlington, VA 22209, by telephone at 1-703-312-9580 or by
e-mail at prospectuses@brileyfin.com or BofA Securities,
NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001,
Attn: Prospectus Department, Email:
dg.prospectus_requests@bofa.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of any securities in any state or jurisdiction in which
such an offer, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Landsea Homes
Corporation
Landsea Homes Corporation (Nasdaq: LSEA) is
a publicly traded residential homebuilder based in Dallas, TX that
designs and builds homes and sustainable master-planned
communities, including suburban, single-family detached and
attached homes, mid-rise properties, and master-planned
communities. The Company is developing homes and communities in
Arizona, California, Colorado, Florida, Texas and Metro New
York.
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the federal
securities laws. These statements constitute projections,
forecasts, and forward-looking statements, and are not guarantees
of performance. Landsea Homes cautions that forward-looking
statements are subject to numerous assumptions, risks and
uncertainties, which change over time. Words such as “may,” “can,”
“should,” “will,” “estimate,” “plan,” “project,” “forecast,”
“intend,” “expect,” “anticipate,” “believe,” “seek,” “target,”
“look” or similar expressions may identify forward-looking
statements.
These forward-looking statements are based on
information available as of the date of this press release and our
management’s current expectations, forecasts, and assumptions, and
involve a number of judgments, risks and uncertainties that may
cause actual results or performance to be materially different from
those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are
not limited to, the risk factors described by Landsea Homes in its
filings with the SEC. These risk factors and those identified
elsewhere in this press release, among others, could cause actual
results to differ materially from historical performance and
include, but are not limited to: the ability to close the Offering;
costs related to continuing as a public company; the ability to
maintain the listing of Landsea Homes’ securities on Nasdaq; the
possibility that the Company may be adversely affected by other
economic, business, and/or competitive factors; and other risks and
uncertainties indicated in Landsea Homes’ SEC reports or documents
filed or to be filed with the SEC by Landsea Homes.
Accordingly, forward-looking statements should
not be relied upon as representing our views as of any subsequent
date, and you should not place undue reliance on these
forward-looking statements in deciding whether to invest in our
securities. These forward-looking statements speak only as of the
date of this press release. We do not undertake any obligation to
update forward-looking statements to reflect events or
circumstances after the date they were made, whether as a result of
new information, future events or otherwise, except as may be
required under applicable securities laws.
Contact Information:
Investor Relations:Drew
Mackintosh, CFAMackintosh Investor Relations,
LLCdrew@mackintoshir.com (512) 243-5009
Media:Annie NoebelCornerstone
Communicationsanoebel@cornerstonecomms.com (949) 449-2527
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